Paying for College

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Paying for College

• Presented by
• Chris Mordach
• Director of Financial Aid
• Merrimack College

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Agenda

• What is Financial Aid
• Types of Financial Aid
• Student Employment
• Billing
• Payment Options
• Resources
• Wrap Up

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What is Financial Aid?

• Assistance awarded to a student to be used for
  college expenses
• There are three types of awards
• Grants and Scholarships (do not have to be
  repaid)
• Loans (which must be repaid by student or parent)
• Work Study (part-time student employment)

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Types of Financial AidGrants and
Scholarships(do not have to be repaid)

• The following scholarships will be renewed
  providing the student maintains the necessary
  minimum cumulative grade point average
• Academic 2.8
• Austin 3.4
• Blue-Gold 2.5
• Dean 3.0
• International 2.5
• Presidential 3.2
• Trustee 3.0
• Check with MC Athletic Compliance Officer for
  Athletic Scholarships!

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(No Transcript)
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Types of Financial Aid State Grants and
Scholarships

• State grants and scholarships administered and
  awarded by the students home state will be added
  to the students financial aid
• States which have a reciprocal agreement with
  Massachusetts are ME, CT, NH, PA, RI, VT and the
  District of Columbia
• For MA residents only - in order to receive a
  MASS Grant, 08-09 FAFSA Expected Family
  Contribution (EFC) below 4,041 (subject to new
  state guidelines) 300 - 2,400 award

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Types of Financial Aid Federal Grants

• PELL Eligibility based on 08-09 FAFSA Expected
  Family Contribution (EFC) below 4,041 (subject
  to new federal guidelines) 890 - 4,731 award
• ACG Academic Competitiveness Grant for freshman
  and sophomores based on rigorous high school
  academic program as defined by the Department of
  Education, US Citizen and Pell eligibility
  Freshman 750/yr Sophomore 1,300/year

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Outside Scholarships

• All aid cannot exceed Total Cost of Attendance
• MC will allow a student to receive up to 5,000
  in outside scholarships without any adjustments
  to institutional aid
• Refer to MC Financial Aid webpage for
  opportunities (www.merrimack.edu/finaid)

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Types of Financial AidStudent Loans(must be
repaid by the student)

• Stafford Loans are student loans
• Changed from 6.0 to 5.6 Fixed Interest Rate for
  Subsidized (effective 7/1/09)
• 6.8 Fixed Interest Rate for Unsubsidized
• 10 Year Repayment
• FAFSA Filers Only
• (www.fafsa.ed.gov)

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Federal StaffordLoan Types

• One loan program with two types of loans
• Subsidized Stafford Loan (need-based)
• Unsubsidized Stafford Loan (no need)
• Subsidized Principal deferred government pays
  interest while student is in school
• Unsubsidized Immediate repayment of interest
  only or principal and interest deferred and
  capitalized (interest added to principal)
• 2 Origination/Default fees deducted from loan

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Federal Stafford LoanGuarantor and Lenders

• Guarantee Agency pre-selected
• American Student Assistance (ASA)
• 800-999-9080 x 5015
• www.amsa.com/direct
• Merrimack College current recommended lender
  list
• Chase
• Citibank
• RBS Citizens

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Federal StaffordLoan Limits

• Annual Loan Limits
• Base Additional
• Subsidized/Unsubsidized Unsubsidized
• 1st Year 3,500 2,000
• 2nd Year 4,500 2,000
• 3rd Year 5,500 2,000
• 4th Year 5,500 2,000
• 5th Year 5,500 2,000

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Parent Loans

• PLUS Loans (must be repaid by parent)
• Parent Loan for Undergraduate Students
• 8.5 fixed interest (rates determined by US
  Treasury 7/1/09)
• 4 Origination/Default fee deducted from original
  loan (by lender)
• Repayment begins 60 days after final disbursement
  of funds
• Lenders may have an option to defer principal and
  interest up to 48 months or an interest only
  repayment option

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Alternative Loans

• Recommended lender list
• Chase
• Citibank
• MEFA
• RBS Citizens
• Wachovia

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Federal Work Study College Employment

• On and Off Campus student employment
  opportunities listed on myMack
• Examples of on-campus employment opportunities
• Math Tutor
• Conference and Events Student Coordinator
• Office Assistant

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Billing

• Student bills are generated for each academic
  semester
• Fall semester bills are mailed the first week of
  July and are due the first week of August
• Spring semester bills are mailed the first week
  of December and are due the first week of January
• Bills are mailed to student at permanent address
  or billing address if on file
• Billing may be accessed by student from myMack
  account

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Costs

• Tuition 29,310
• Room Board 10,190
• Fees 500

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Deposits

• Admission Deposit credited to first semester
• One half of financial aid awarded will be
  credited to each semester
• Work study awarded may not be deducted from the
  bill

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Payment Options

• Ways to pay
• Cash in person only
• Check or money order in person or by mail
• Interest-free ten month payment plan through
  Tuition Management Systems (TMS) www.afford.com

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Resources and General Information

• College Catalog annual publication (web)
• Student Handbook annual publication (web)
• Financial Aid Policy Guide annual publication
  (web)
• Schedule of Classes published each term (web)
• Financial Aid Award Letter mailed to students
  home address (myMack)
• Student Billing mailed to students home
  address each semester (myMack)
• Communication Policy all communication directed
  to student via campus email
• This presentation will be made available on our
  website for future reference (www.merrimack.edu/fi
  naid)

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• Congratulations on your acceptance to Merrimack
  College!

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• Thank you!

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• Merrimack College